Sydney rents have come down over the COVID-19 period. For many renters, this is excellent news as it offers opportunities to negotiate a rent reduction, or else to move to a more affordable home or a home that offers better value for working from home conditions.

However, moving can be costly, and so before planning a move, it’s wise to be sure that the rents have actually come down in the area you’re planning to move to.

The Sydney areas where rents have fallen the most are:

• Eastern Suburbs

• Sydney CBD

• Canterbury / Bankstown

• Inner West

• Lower North Shore

• North West

• Upper North Shore

However, the rents have possibly not fallen by the levels that some renters think they have fallen. In some areas, rents have only come down by 2% or 3%. In other areas, they have fallen by as much as 10%. Putting numbers to this, it means that if a home previously rented for $800 per week, depending on the area, it may now be listed for $720 - $785. That is still a great opportunity, however if the reduction is closer to 2% or 3%, the cost of packing and moving needs to be weighed against the low saving in rent. It might be better to negotiate a rent reduction with your landlord than to move.

Melissa Maimann  is a Licensed Real Estate Agent, Buyer's Agent and Rental Search / Relocation Agent in Sydney. Melissa saves tenants time and frustration by finding and securing the best properties quickly, easily and efficiently.  If you’re aghast at the thought of finding a rental home and need a skilled agent to find your next rental home for you, don't hesitate to make contact.